Chairman Pakistan Cotton Forum (PCF) Seth Muhammad Akbar has criticised the fertiliser manufacturers for foul cry on gas shortage, saying that the available data and facts suggest that they are minting money despite a gas supply cut. He said the anti-textile industry campaign by fertiliser manufacturers was uncalled for, as the textile industry is mainstay of economy creating job opportunities and contributing over 60 per cent in Pakistan’s exports.
According to him, the fertiliser sector has been the top sector price performer with 43 per cent urea price hike at the Karachi Stock Exchange over the last year with further room to rise ahead. The research analyses on the fertiliser sector of leading brokerage houses suggest that the sector would retain significant pricing power despite a likely gas supply cut in winter, he said.
There is ample room for Pakistan urea manufacturers to offset production cuts, he added. Seth Akbar said a diversion of gas supply from textile industry to fertiliser sector would have adverse consequences for cotton economy, especially when procurement of cotton crop is round the corner.
